No thanks to the new TRAIN law.
The Philippines Statistics Authority (PSA) reported that the country’s inflation rate increased by 4% in January, from 3.3% in December.
The inflation rate increase was highly due to higher prices of alcoholic beverages and tobacco, which rose from 6.4% in December to 12.3% in January. Prices of heavily-weighted food and non-alcoholic beverages also went up by 4.5%.
Further, restaurant and miscellaneous goods and services rose to 3.7%, whilst transport, health, and furnishing, household equipment and routine maintenance of the house also increased to 3.2%, 2.6% and 2%, respectively.
According to the PSA, the implementation of Tax Reform for Acceleration and Inclusion (TRAIN) Law in January caused the price surges.
Do you know more about this story? Contact us anonymously through this link.